Remittances down 10.27% in July

Remittance inflow to Bangladesh declined by 10.27% to $1.97 billion in July, down from $2.19 billion in the previous month.

Bangladesh Bank data published on Tuesday showed that this was a 5.86% year-on-year drop from $2.09 billion recorded in July last year.

Bankers have attributed this decrease to the usual trend of lower remittance inflow in the month following Eid (celebrated in June) when people typically send more money back to the country.

According to central bank figures, foreign exchange inflows from expatriate Bangladeshis through legitimate channels were nearly $2.2 billion in June, the most in the preceding 35 months.

Previously, the country saw the biggest remittance inflow of $2.6 billion in July 2020.

Data from the central bank reveal that Bangladesh received a total of $21.61 billion in remittances in FY23, marking a 2.75% increase compared to the previous fiscal year’s $21.03 billion.